§ 11-56-109. Proceeds of Refunding Bonds in Escrow – Investment – Security – Amounts
Moneys placed in any escrow or trust shall not necessarily be limited to proceeds of refunding bonds but may include other moneys legally available for the purpose. Any moneys in escrow or trust, pending use for their intended purpose, may be invested or reinvested only in securities meeting the investment requirements established in part 6 […]
§ 11-56-110. Sources of Payment – Limitations
Refunding bonds, other than special obligation refunding bonds, may be made payable from, and the governing body may pledge to the payment of such refunding bonds, any tax, or any income or revenue of the public body from any source, or both such taxes and such income or revenue, which could have been legally pledged […]
§ 11-56-111. Combination of Refunding Bonds and Other Bonds – Limitations
Any refunding bonds and bonds for any other purpose authorized by any other law may, in the discretion of the governing body, be issued separately or in combination in one or more series by the public body, subject, however, to the same limitations provided in section 11-56-105 (3) for combined refunding of two or more […]
§ 11-56-112. Special Obligation Refunding Bonds
In addition to and in combination with the refunding bonds authorized by this article, the public body may concurrently issue special obligation refunding bonds, for the purpose of providing additional funds with which to accomplish the refunding of outstanding general obligations or outstanding revenue obligations. Such special obligation refunding bonds shall be payable solely from […]
§ 11-56-113. Tax Exemption – Exceptions
Except as otherwise provided in this article, all general obligation refunding bonds, refunding revenue bonds, and special obligation refunding bonds and the income therefrom shall be exempt from taxation, except inheritance, estate, and transfer taxes. Bonds issued pursuant to this article for the purpose of refunding outstanding obligations which were neither exempt from such taxation […]
§ 11-56-114. Conclusive Determination of Governing Body That Statutory Limitations Have Been Met
The determination of the governing body that the provisions and limitations, in this article and any other applicable law, imposed upon the issuance of any bonds under this article, have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion. Source: L. 77: Entire article added, p. 592, […]
§ 11-56-115. Prior Obligations Not Impaired
Nothing in this article shall be construed in any manner so as to impair the obligations of any refunding bonds issued or any refunding transaction, consummated by a public body prior to the enactment of this article, or otherwise to invalidate any such bond, obligation, or refunding transaction. Source: L. 77: Entire article added, p. […]
§ 11-56-116. Construction of This Article
The powers conferred by this article are in addition and supplemental to and not in substitution for, and the limitations imposed by this article shall not directly or indirectly modify, limit, or affect, the powers conferred by any other law. Bonds may be issued under this article without regard to the provisions of any other […]
§ 11-56-117. Liberal Construction
This article shall be liberally construed so that the legislative intent may be fulfilled. Source: L. 77: Entire article added, p. 593, § 1, effective July 1.
§ 11-56-104. Purpose of Refunding
A refunding of outstanding obligations of a public body may be accomplished pursuant to this article by the issuance of bonds for refunding, paying, and discharging all or any part of such outstanding obligations, including a portion of one or more issues of such obligations and including any interest thereon in arrears or about to […]